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. >>> fedex cuts lower earnings forecast. >>> u.s. department of justice accuses bp of gross negligence over the gulf of mexico spill, blaming bp's culture of recklessness. >>> thailand central bank says they keep interest rates on hold at 3%. >>> welcome to today's program. we're going to get straight to the data. >> and the data ain't that great. >> final services pmi today for the eurozone has come in at 47.2. flash number was 47.5. in july it was 47.9. final composite pmi, 46.6 flash point. eurozone likely to have stepped back into recession according to these numbers, if you do the read through from that. a seventh month of con tracks. new orders dwindling. august pmi slightly below earlier flash estimate. joining us with his own thoughts right now is larry hathaway at ubs investment. thanks for joining us. whilst we wait for the ecb, the economics is getting worse. how much worse is the economics going to get? >> well, it is. it's confirming the recession that's been under way now and it continues. confidence is very weak. fiscal policy is being tightened. interest rates are very high
's the question before the fed today as the central bank looks to provide a fresh boost to the u.s. economy. >> plus indonesia, new zealand and even the bank of korea hold rates steady as policymakers wait to see what comes out of washington. >> so welcome to today's show. another bric on the road with the dutch election. >> i have to say the european events we were worried about heading into the week, for the most part, it's check the box. it wasn't a catastrophe. center right party probably means a pro european attitude. >> and then will the fed check the box today. >> this is the question. plenty to get through on today's program. pro europe party's leader will be in the hague to discuss the outcome of those elections. and five is finally alive. apple showed off the new iphone. we'll get reaction from hong kong. >> the swiss national bank keeps its cap on the franc, but trims back growth forecast. we'll get a view from zurich. plus we'll speak to one economist in the u.s. about the case for and against more stimulus. >> waiting on 5 and wait to see on qe-3. a lot of alliteration going on
went up. ignored that yesterday. >> u.s. consumers are about the only consumers who seem to be doing somewhat better these days. certainly not the case across most of europe. >> not that happy in spain. spanish police and protesters clashing in madrid last night. thousands descended on the country's parliament, demanding fresh elections and an end to cuts and tax hikes. joining us on the phone is a reporter for the newspaper. i think you've been up all night. how would you describe the mood on the streets and the strength of these clashes? >> reporter: people were, like -- people feel this anger toward politicians due to the cuts, to the social cuts. it was tense. clashes were very violent. and they happened, like, suddenly. and there were many people with terrible wounds. it was a terrible image. >> what spurred the violence and how unexpected was that these protests saw such violence? >> reporter: the people that were calling for these protests were not really organized, so it was difficult for the police and for the journalists and for everyone to see what could happen. they're no
president obama's re-election bid. >>> welcome on today's show. the u.s. is back today. did you enjoy the labor day weekend? >> we were laboring on labor day yesterday, which is appropriate, actually. >> and the data starts, right? the data countdown. >> ism today, jobs report friday. so much happening. >> let's remind what you is on the show today. we'll head out to wrbrussels to hear from the man to talk. and we wait for david cameron to confirm the cabinet reshuffle. >>> as the rba leaves rates on hold we head out to australia to hear from jpmorgan. >>> the democratic convention is set to kick off. >>> one hour into the trade daigle in europe. weighted to the downside at the moment. advances outpaced by decliners. by a little around six to four, a little less than that. let's show you where we stand as far as the ftse 100 is today. the ibex actually up 8% so that market is benefitting from these draghi comments suggesting bond buying wouldn't breach the rules, which is fairly encouraging. euro/dollar -- well, let's show you how that's had an impact on spanish debt yields. up to aro
starting in the u.s. whirling around the globe, you get a sense of just how strongly people have reacted to the fed decision. >> let's remind you the federal reserve chairman launched that $40 billion stimulus plan to buy mortgage backed securities each month and he's warned these efforts alone may not be enough to protect the economy from the twin shocks. >> the fmoc decided today on new being as electing to expand its purchase of securities and expand its forward guidance regarding the fund rate. specifically the committee will purchase additional mbs at a pace of $40 billion per month. >> so the dow jones on the heels of that announcement yesterday adding 1.5%. that brings to a level of 13,539. and this is just 4% below its all-time high. similar for the s&p 500 and nasdaq. nasdaq from its era bubble highs. small caps posted its fifth highest closing level on record. take a look at what's happening in europe. we've largely seen a follow-on from that positive mentality. 1.5% ftse 100 adding this morning. same for xetra dax. cac 40 up nearly 2%, ibex up better than 2% to a level of 8108
he rea's full interview on u.s. closing bell at about 21:00 central european time. steven, welcome. >> my pleasure. >> your initial thoughts on this italian gdp data and mario monti saying the country won't apply the bailout. >> g did dpvised town. it's too early for any of the policy shiftses to have had an impact. i think with respect to both italy and spain, there's he a tremendous reluctance to accept the potential constraints that would come with taking a program, not so much now because the ecb -- everyone seems to be res assuring them that they feel that they're in compliance. the question is what happens in six months, what happens in a year if there's a slowdown and all of a sudden they find the troica knocking on the door and talking about fiscal issues. what they have succeeded in doing, though, is getting rid of the far tail risks. >> we've heard that a lot, they got rid of the tail risk. >> not all of it, but things get bad enough, they can go to the ecb and say we're signing for the program, ecb will give them a lot of money and that tail risk will disappear. what's s
the terms of a possible bailout as bad loans are expected to reach a record high. >>> and u.s. regulators are searching for the cause of monday's rapid plunge in oil prices saying it's unclear if high speed trading played a role. >>> plus mitt romney tried to explain controversial comments, but the republican presidential candidate isn't backing down. >> welcome to today's program. we'll kick off with some news out of friess. finance minister says they will meet the 2012 deficit targets in nominal terms, but not as a percentage of gdp. >> you stack that up against a lot of countries, they would be looking pretty good. unfortunately, they're coming from such high prior deficits and have had to do a lot of adjustment on the spending side. >> various brokers take on the euro group meeting, that they were being allowed another two years sort of suspension of debt repayments. >> and there was a sense they were going to get some extra time, but we'll ask our guests this morning whether this is more or less than the expectation going into that meeting. >> absolutely. >> meanwhile, we'll be joine
contraction. also at the ten-year u.s. treasury as we come up to key data points out of the u.s. later today. u.s. nonfarm payrolls number, very important for the market to see this number as we sit on the sidelines waiting to see if there will be qe3 this month. 1.7% so far. forex, euro/dollar is firm. don't forget we have just above 1.26 yesterday after monti's news. and the australian/dollar touched lows but is back on the mark now as we've seen the risk appetite back in the markets. sterling/dollar getting a bounce. let's get to stories out of asia because of news of an infrastructu infrastructure. >> asian markets staged a resounding rally on ecb as bond buying program. shanghai led them higher by 3.7%. infrastructure stocks surgeri s. brokerages soared on reports regulators are planning to reform the current stock dividend tax scheme. strong gains in blue chips sent the hang seng higher by 3%. the nikkei marked best showing in about five months, helped by industrials and financials. nomura rose 5.4% as investors reacted to the new $1 billion cost saving plan. seoul shares had the best
. the senate bill would allow the u.s. transportation secretary to stop the u.s. airlines from complying with the eu law. so we want to know this morning, should europeans be allowed to force global carriers including the u.s. to pay this green carbon tax. can europe force green on the u.s. basically? if you want to join the conversation, e-mail us or tweet us. you can respond to that or anything else you've heard on the program morning. >> theoretically you can because they control the air space, but i'm not sure we'll end up with an airline war. still to come, fear has no plans to close factories of fiat in the countries. they'll keep the carmaker from leaving for better pastures. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if y
to be the first on the planet to get their hands on the new iphone 5. oh, yeah, 5's alive. there's been a bit of an issue about -- >> french workers striking at the iphone stores in paris. i would imagine apple is one of the few places where you do have some war gainifwa bargaining po days. p. >> silvia will join us and get the view on the spain sticky situation. >> and job cuts in europe. reports of just 30% will have to go and we'll get an expert view from the region. >> plus it is iphone friday except in paris where the striking workers may delay consumers from getting their hands on the latest model. >> and shifting into high gear in singapore ahead of the grand prix. and finance minister saying the country has no intention of asking for help from the bailout funds. today mar yonti will host leaden rome. and let's get out to silvia who is covering the story for us. what's the purpose of this event and can you tell us what we might expect to hear from the leaders this weekend? >> well, we get one meeting after the other. ever since we came back from the summer break, this is a jolly go rou
after u.s. markets are out today for the labor day holiday. kelly is working. that's dedication for you. she's flown back to be with us on a long u.s. weekend. here we are, just an hour into trade, european stocks are a little bit firmer, a little less than 82. the ftse 100 up 0.5%. xetra dax up 0.4%. up nearly 3% for the month of august. cac 40 up .6%. the ibex, just down slightly today, up 10% in august. up 24% since mid-july. but now more eyes will be on spain as we get more details on the bank bailout and what the conditions might be for further assistance to the spanish government. let's show you where we stand with bond yields. it will be kind of key, really. spanish yields keep nudging back towards that 7% mark, 6.84%. 10-year bunch, 103.7. aussie/dollar, 102.55. weak australian sales out. that chinese number is not help the euro. we'll be looking at manufacturing numbers out of the uk in some four minutes or so. that is where we trade right now here in europe. what about all the action over the weekend and this morning? now more out of singapore. >> most asian markets shrugged o
spoke about the possibility of a fully fledged bailout. we'll also head to washington where the u.s. go. no longer a majority stake holder in aig. a sign the country may be emerging from the shadow of 2008. burberry shares trading lower. down 18.5% after the company warped full year profits will be at the lower end of market forecasts. in a statement the luxury goods maker blamed slowing store sales on the challenging external environment. burberry is expected to pose pretax profits. remarkable. we have seen competent it tors similarly cautioning about slowing trends lately, but as you can see, across the sector, down will in the range of 3%, 4% after burberry warns and are more cutting the outlook for the company. >> and it does seem like a big move to the down side for what's not a very dramatic statement. i mean, they were saying that their store based sales are going to be the bottom end of market expectations. they said chinese stores showed a slowdown, anytime they talk about the chinese business slowing down, it does have a big imapact on the stock. this appears to have happened
, the chinese currency has been very stable against the u.s. dollar. in the first eight months of the year, the actual performance of the rnb has been a little disappointed. it appreciated 1% against the u.s. dollar. in the recent weeks, it's regained strength. basically between now and year end, we don't expect a lot of movement in the exchange rate. but what's complicating the chinese government policy basically is that we have a leadership transition coming up and also the leadership is very concerned still about potential inflation coming back. so that's complicating their policy decisions in the coming months. >> do you read this appreciation as one way for beijing to experiment in ways of bringing down inflation despite the fact that a weaker currency would give more credence to their exports? >> i think that one day movement really doesn't amount to very much. in fact inflation has been on the downward trend for the past several months. last week inflation was only 2%. so near term, inflation is not a major concern. however, the chinese leadership doesn't want to ease monetary polic
on the eurozone. >> yeah. and what was also interesting s is -- nobody's talked about greece. presumably, we still can't contain -- we still don't know how that will pan through. >> certainly the omt is designed as fire wall for italy and spain. given it's not really in place in terms of are they actually applying for assistance and do they accept the conditionalities and we don't know what the conditionalities are going to be. it seems likely. nevertheless, it's gone very quiet around greece. greece must stay in at pretty much any cost line has been largely dropped. >> and we're just playing a game here. they will keep fudging. greece will change some conditions. greece will continue to meet them. >> without a resolution that is fundamentally the name of the game. >> we're still listening. as soon as we have the ruling, silvia will come straight to us. she's listening to this ruling. >> the market reaction as we wait for detail here, ross, has been a bit sporadic. we're seeing the risk gradually come on. the german constitutional court has begun reading its verdict. silvia is listening in.
. and you can see shares after hours shedding greater than 2% in the u.s. joining us now is alan capper at lloyds banking group. there's plenty to cover this morning. and just keying off this caterpillar news, if there's concern about the health of the global economy, someone forgot to tell the credit markets. >> the credit markets have been tightening because there's been a big imbalance between demand for credit bonds which is growing rapidly in the eurozone and supply which is shrinking. >> just how frothy have the markets become? what are the metrics to you? >> it's very hard to specify where is fair value. in a market driven by technicals rather than fundamentals, certainly our target is 100, but the key is once we get in to 2013 and we're at 100, what happens then. my feeling is we probably go through even tighter still. >> isn't there a sense for which the demand for credit is actually more a reflection of weakness than strength in the global economy? meaning to some extent, it's a reflection of the risk off attitude that's keeping yields super low and a lot of more investment gr
. >> i looked at the weather forecast. let's's bring us to r corporate news. h and m missing analyst forecasts. earnings stood at 4 billion swedish crowns. she blamed bad weather for the lackluster figure. >>> indonesia's report says the country's growth rate will ease to 6% this year and next, below the 7% to 9% growth needed to hit their goal. meantime netanyahu will make his case against iran at the u.n. general assembly today. reports say he will present his own red line spelling out what limits the international community should set. he's steady low massey has failed. >> endowment fund at harvard hit, hurt by overseas investments. the nation's biggest private endowment fund rose more than 21% in fiscal you 2011. they still beat its bench mark and the school says it's committed to investing in emerging markets. >> we'll have nigel on to talk about emerging markets. but this is an asset class last year, if you you had said what would you rather bet on, peripheral europe, western europe, emerging markets. they underperformed in 2011 and that's now actually why some including my bel
. investment from the u.s. declined 2.8%. foreign investment into the agricultural sector tumbled nearly 15% on year, but the silver lining was in the services sector, hired by over 5% on growing domestic demand. >> i want to thank you very much for sticking around and sharing your thoughts on everything happening. sixuan, we'll see you a little bit later in the program. >>> let's bring you up to speed where we are, just an hour and 15 minutes into trade. after losses yesterday, this is where we stand right now for european equity markets. there's a number of stocks today. heineken says it will support the sale of f&n stock. heineken stock up 6%. porsche doing pretty well. a german court decision against the holding company supporting that. lonmin up 4% today. having accepted a new pay deal. so it is theoretically off. the owner of zarra with 4% profit. stock up around 1.33%. we keep our eyes on peripheral debt as well. yields are low again. helped by the bank of japan. we have seen a narrowing between spain and italy. we'll keep our eyes on what's going on this morning. on the currency mar
off the table? >>> january sneeze factories in china shut down as violent protests escalate. the u.s. urges calm saying good relations are in everyone's interests. >>> spain's leadership is divided by bailouts. reports suggest the prime minister wants to avoid full sovereign aid although the finance minister is ready for a rescue. >>> and india's central bank frees up new cash by cutting reserve ratios for lenders. but the rbi keeps its key rate on hold muting the government's push for more growth. >>> start of a brand new week. >> yes, it is. >> you've been busy i understand. >> that's right. so this weekend, went and caught a couple fashion shows here for london fashion week, and i have to say, it was quite the scene. basically everyone standing around taking pictures of one another. this was pretty extraordinary. almost like you're looking at modern art, trying to appreciate it? no, this was one of those where you showed up and she's a favorite of the middleton sisters. >> stuff you can actually wear. >> absolutely. you sort of wonder aim going to wear a black glitter bathing suit
as mentioned, we do have key auctions coming up. the ten year u.s. and german bund, investors rotate into the safer haven securities. 1.73% on the ten year for america there. italy and spain, italy now back over 5%. keep an eye right here, 5.009%. in spain, 5.7%. it if we can take actually a deeper look into the spain curve, we want to watch levels before this auction. that typically will give you the 5.7% up here. we are seeing a little bit firmer demand across the shorter end where the european central bank is supposed to concentrate its bond buying. i think this might be the 3 year over here. the two years, 3.15%. a quick look at commodities. take a look at oil in particular. we've seen such a strong selloff in the last couple days. we'll explore this later with our guests in the program, but brent crude adding to that weak tone nymex 91 bucks. gold and platinum lower this morning. not a lot of places that investors like around the globe. still to come, stick around, because premiere wen is meeting with eu leaders at a crucial trade summit. we'll head to brussels live. bob... oh,
, it will weigh going forward. >> it is a big issue. half of the exports do go to the u.s.a. they're looking pretty poor right now. even the core members are clearly slowing. you have the u.s. economy suffering and asia is seeing slower growth as well. the export story is becoming more negative. with sterling having strengthened as well, that's really compounding the problem. so the whole idea the u.k. could export its way out of the recession is looking misplaced. it will have to be much more of a domestic story. in that regard, i guess it's a confidence issue. can we get business confidence up because that's where the money is? that's where 750 billion pounds of cash, if they can become more confide confident, more willing to spend that's the way the u.k. can start to see improvements. >> james, it's been difficult to get a read. we've had extremely bad weather. we had the queen's jubilee and the olympics. how is the market going to look at the qe down the track when they don't know how strong it is? >> it's not consistent either. if you look at the gdp numbers, gdp levels and the growth,
Search Results 0 to 19 of about 20